VANCOUVER — Newmont Mining Corp. says shareholders have voted overwhelmingly in favour of a US$10 billion all-share takeover deal of Goldcorp Inc.
Denver-based Newmont says shareholders voted 98 per cent in favour of issuing shares for the takeover, while more than 76 per cent voted in favour of a general vote increase the common stock of shares.
Goldcorp Inc. shareholders voted more than 97 per cent in favour of the deal on April 4, despite concerns raised by some over excess compensation going to company chairman Ian Telfer.
The deal will see Newmont issue 0.3280 of a share for each Goldcorp share, a ratio that valued the Vancouver-based company at US$10 billion when it was announced in January.
The two companies have pitched the deal under the promise of US$365 million in annual pre-tax synergies among other benefits.
Once the merger is complete, expected later this quarter, Goldcorp’s Vancouver office will become the designated base for North American operations of the combined company.
Companies in this story: (TSX:G)
The Canadian Press